The Consumer Financial Protection Bureau appears ready to show off its muscle. Last week, it said it wants to oversee debt collectors and credit reporting agencies.

Those financial services currently aren't regulated on a regular basis. The CFPB says it's time that ends. It proposes to supervise debt collectors with more than $10 million in annual receipts. It estimates that would cover about 175 firms, only 4 percent of those in the business, but those firms account for 63 percent of the debt collection market.

“Consumer financial products and services have become more complex over the years and they have expanded well beyond traditional banks,” Richard Cordray, CFPB director, said in a statement. “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks. This oversight would help restore confidence that the federal government is standing beside the American consumer.”